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  • Two Wheeler Loan Interest Rates

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    Overview:

    With mounting costs of public transport and increasing traffic, owning a vehicle of your own has become more of a necessity than extravagance. When compared to cars, a two-wheeler is easier to maintain and consumes less fuel. If you are worried about the unexpected expenses that you will incur if you purchase a motorbike, applying for a two-wheeler loan is the best thing to do. With lot of leading banks in India offering two wheeler loans, you can not only get the vehicle of your dreams in no time but also pay back the loan without any financial stress through easy instalments.

    Before applying for a two-wheeler loan, you must always discuss about the prevailing interest rates with your banker and check your affordability. Since the interest rates can make or break your loan deal, always pay attention to the finer details about the rate of interest.

    Perfect Personal Loan Deals for you

    Also Read: Two Wheeler Insurance.

    Features and Benefits of Two Wheeler Loans:

    • With most of the banks offering loans up to 90% of the on-road price of the vehicle, you can purchase any brand new two-wheeler without any second thoughts.

    • Burning up all your savings to purchase a two-wheeler is a risky option. Instead, avail a two-wheeler loan to relieve you of the financial burden. As an added advantage, you can also plan your budget effectively and pay back the loan in affordable EMIs.

    • Two-wheeler loans usually cover the cost of insurance, accessories and registration.

    • To get more out of your two-wheeler loan, check for loan partnership options with your automobile dealer.

    • Two-wheeler loan requires minimal documentation and is offered for all sections of people and all class of customers.

    • The income criteria is also lenient and most of the banks offer motorbike loans for people with an annual income of Rs.50,000.

    • There is either no prepayment penalty or a nominal foreclosure charge for paying off the two-wheeler loan ahead of the tenure.

    • Most of the banks also offer flexible repayment options which will enable the customer to choose a comfortable tenure.

    Apply for Personal Loan

    Two Wheeler Loan Interest Rates:

    The interest rates for two-wheelers loans in India vary between 13% to 27% depending on the bank, type of vehicle, applicant's employment type and source of Income.

    The interest rates are usually floating and is linked to the base rates. Because a two-wheeler is a depreciating asset, the interest rates are generally higher when compared to other loan products. Interest rates for two-wheeler loans may also depend on other factors like the tenure, margin and type of vehicle.

    Current Two Wheeler Loan Interest Rates:

    Given below are the current interest rates for two wheeler loans offered by Indian banks and financiers:

    Name of bank Two wheeler Interest rate
    SBI MCLR + 3.00% = 12.10%
    HDFC Super Bike Two wheeler Loan APR: 9.96% to 15.74% IRR: 9.95% to 15.50%
    Two wheeler Loan 11.37% to 33.15% 11.01% to 24.07%
    Saurashtra Bank Repayment Period upto 3 Years 15%
    Repayment Period above 3 Years, upto 5 years 16%
    Bank of Baroda One year MCLR + Strategic Premium + 4.00%
    Punjab National Bank (14.50 %) In which monthly income is being paid via concerned branch and/ or under check off facility < 3 years MCLR+3.10%
    equal to 3 years MCLR+3.60%
    For every other loan including Business concerns < 3years MCLR+4.10%
    equal to 3 years MCLR+4.60%
    Power Ride Upto 36 months MCLR+1.60%
    Andhra Bank For loan term up to 36 months MCLR + 1.80%
    For loan terms more than 36 months MCLR + 1.80% + 0.25%
    Bajaj Fin Serv Customers are segregated into three bands, namely,
    High >30%
    Medium 27% to 30%
    Low <27%
    L & T Finance Upto 23%; actual rate varies on fluctuations in market and credit worthiness of the borrower
    UCO Bank For General category - MCLR of 1 Year + 4.40%
    Accounts with full liquid collateral security, 1.00% interest Rebate
    Accounts with 50% liquid collateral security, 0.50% interest Rebate
    Syndicate Bank MCLR+2%
    Vijaya Bank MCLR 1 Year + 2.20% =11.65% p.a. (floating)
    Allahabad Bank MCLR+3.00%
    Oriental Bank of Commerce Upto 36 months BR + 0.50% = 10.20%
    Upto 84 months BR + 0.75% = 10.45%
    Shriram City Union Finance At the lender's discretion on the basis of schemes opted by the borrower
    Bank of India For a new vehicle, for all tenures within the repayment period of the scheme BSS (0.10%) above 1 Year MCLR (Presently 9.50 %)
    Punjab & Sind Bank New Vehicles Two Wheeler One Year MCLR (9.60%)+ 2.00% = 11.60% One year MCLR+3.10% (PER: 13.40% p.a.)
    Lakshmi Vilas Bank
    Nainital Bank Base rate + 0.25% (Floating)
    City Union Bank Base rate Base rate + 7% = 17.50%
    BPLR PLR + 1% = 17.25%
    State Bank of Mysore Upto 5 years MCLR + 6.55% = 16.05%
    State Bank of Travancore Rs.50000 and below 13.85%
    Above Rs.50000 12.85%
    State Bank of Patiala Floating Rate of Interest 15.75% p.a. i.e. 6.25% above MCLR
    Fixed Rate of Interest 16.00% p.a. i.e. 6.50% above MCLR
    Corporation Bank 13.10%
    Central Bank of India Floating MCLR + 0.40%
    Fixed Rate ( Repayment within 36 months) MCLR + 0.40%

    Eligibility and Documentation for Two Wheeler Loans:

    In India, most of the banks offer two-wheeler loans for people in the age group of 18 to 65. The applicant can be a student, a salaried profession or a self-employed customer. Select banks also offer specialized two-wheeler loan products for agriculturists. The income criteria for two-wheeler loans depend on the type of loan and is at the discretion of bank.

    Documents - The applicants have to submit an ID proof and a proof of address. Income documents like bank account statements, salary slips, income tax return statements and certificate of employment is also required. Agriculturists and self-employed people have to submit relevant supporting documents to avail a loan for two-wheeler.

    How to Compare Two Wheeler Interest Rates?

    • Before deciding on a two-wheeler loan product, carefully analyze about all the features that it has to offer.

    • Check if the interest rates for two-wheeler loan with regards to a particular bank is floating or fixed. Also, use a two-wheeler loan EMI calculator to decide your loan affordability.

    • In a two-wheeler loan EMI calculator, all you have to enter is the loan amount, tenure and the interest rates. The calculator will project the monthly EMI along with the repayment schedule which will help you decide if the loan on that interest rate is affordable.

    • Compare different two-wheeler loan products and check if features like nil-foreclosure charges, insurance and high quantum is offered. Also, make sure you compare the interest rates for two-wheeler loans using a third-party comparison website.

    News about Two Wheeler Loan

    • Electric two-wheelers sales going down due to higher cost margin

      Indian market has seen only 4.4 lakh sale of electric motors that is quite meagre compared to the 18 lakh per month sales record of their petrol variants. According to Sohinder Gill, CEO of Hero Electric, lack of awareness and high cost of the vehicles are the vital reasons behind the drop in sales. 18-month battery replacement, difficulty in charging, and craze for better cc and performance among the youths are the other factors contributing to it.

      Even after the launch of FY15 portable lithium battery-based e2Ws, which are rechargeable anywhere from mobile phone socket, the sales record of the e2Ws is still low due to their high cost. Low-cost petrol vehicles such as Honda Activa available at Rs.52,000 are more preferred than the e2Ws which cost Rs.84,000.

      Fortunately, Okinawa, a Japanese electric scooter has made a sale of 2,000 vehicles in only 8 months. As per Jeetender Sharma, the founder and MD of Okinawa Scooters in India, the company is working vigorously to create awareness among the mass Indian buyers. But the situation will only get better when Government will give increased support to this promising sector to bring down the cost substantially.

      19th September 2017

    • Two-wheeler industry shows firm growth

      The two-wheeler industry in India is witnessing an excellent growth after a few months with low revenues. The industry had a growth of 14% in the month of August. Hero MotoCorp was the leader in the market with great sales volumes. The leading motorbike company sold 6,61,490 two-wheelers in August. Meanwhile, Honda Motorcycle and Scooter India (HMSI) sold 5,86,237 two-wheelers to bag the second place.

      As per the Society of Indian Automobile Manufacturers (SIAM), the industry made sales of approximately 19 lakh two-wheeler units in the month of August.

      Moreover, there are reports that the demand for two-wheelers will increase even more with the arrival of the festive season.

      18th September 2017

    • Bajaj Auto planning to launch electric two-wheelers by 2020

      Rajiv Bajaj, the Managing Director of Bajaj Auto, recently announced that the company is going to enter the EV zone by 2020 with its new niche brand ‘Urbanite’. It is the first two-wheeler company in India coming up with a dedicated internal subdivision for electric vehicles. According to Bajaj, Urbanite will stand out of the crowd of the low-cost and low-performance electric vehicles that are recently entering the Indian market. Considering user’s comfort, it is targeting to launch premium electric two-wheelers and three-wheelers that will fit the Indian roads and demographic.

      Being a high-performance EV brand, Urbanite is likely to pose a threat to its upcoming counterparts like S340 smart electric scooter from Ather Energy and T6X electric motorcycle from Tork Motorcycles after its release. As per the industry experts, with the launch of electric two-wheelers, Bajaj might gain its lost hold on the Indian scooter market after a long time.

      14th September 2017

    • Updated models of Royal Enfield Classic 350 and Classic 500 released

      The models of the Royal Enfield Classic 350 and the Classic 500 were introduced in the market recently. The premium bike manufacturer has released 2 brand new colour schemes for the Royal Enfield Classic series and they are Stealth Black for the Classic 500 and Gunmetal Grey for the Classic 350.

      These updated motorbikes will now have a new swing arm and a rear disc brake. These 2 parts have been taken from the Royal Enfield Thunderbird 500.

      Anybody who is interested in the new Classic 350 and Classic 500 can book them from 18 September 2017. The on-road Chennai prices for the Classic 500 Stealth Black model is Rs.2.05 lakh and for the Classic 350 Gunmetal Grey is Rs.1.59 lakh.

      13th September 2017

    • Hero Motorcycles Plans to Open 350 New Outlets in Rural Areas

      Honda Motorcycles & Scooter India (HMSI) aims to expand its presence in the rural market to capture a bigger share in the domestic two wheeler segment. The two wheeler manufacturing giant plans to open 70% of its 500 new outlets in the rural areas to increase its customer base which stood at 17% in the current fiscal year.

      Currently second in terms of bike sales in India, HMSI has set a target of selling 60 lakh two wheelers this fiscal year which is 10 lakh more than the previous fiscal. Simultaneously, the company plans to expand its sales network from 5,200 sales touch points to 5700 outlets.

      12th September 2017

    • Triumph Motorcycles offers a 7-year two-wheeler loan scheme for its bikes with HDFC Bank

      Triumph Motorcycles Ltd, the British motorcycle manufacturer is offering a 7-year loan scheme for all its high-end models through its partnership with HDFC Bank. Triumph Motorcycles has a global partnership with Bajaj Auto Ltd to manufacture mid-segment bikes in India. Vimal Sumbly, MD of Triumph Motorcycles (India) Private Ltd said that the loan scheme will make the high-end models affordable and attract more customers.

      The cost of Triumph motorcycles in India ranges from Rs.7.3 lakh to Rs.23 lakh. Triumph Motorcycles with HDFC is offering a 7-year loan at 11.5% interest rate. The monthly installment will be Rs.8,000 to Rs.10,000. Sale of superbikes (bikes with engine capacity of more than 500cc) is growing steadily. HDFC Bank offers a two-wheeler loan scheme called Super Bike Loan with a funding of up to 85% of the cost of the bike at 12.9% interest rate. You can also get funding up to Rs.2 lakh for bike accessories.

      11th September 2017

    • Dark Night Edition two-wheelers introduced by Yamaha

      Recently, Yamaha has acquainted three of its earlier products with a new version named ‘Dark Night’. Featuring a matte black paint scheme and chrome graphics, this edition has already started gaining popularity among the new-gen users.

       

      Yamaha is offering this new Dark Knight colour on three of its popular models namely, FZS-FI, Cygnus Ray ZR and Saluto RX.  While the FZS-FI is a naked street bike priced at Rs.83,042 in Yamaha’s ex-Delhi showroom, the Cygnus Ray ZR is a new-gen scooter priced at Rs.53,451 and Saluto RX is an 110cc motorcycle costing Rs.47,721. With this new edition, Cygnus Ray ZR and Saluto RX are now having five colours while FZS-FI is offering six colour options.

       

      Buyers who want to get this new colour edition have to shell out an added amount of Rs.1000 on the actual price of these three Yamaha models that are on offer.

      8th September 2017

    • Benelli to roll out two more bikes into the Indian market

      A move that would delight all bike aficionados across the country, Italian bike manufacturers are set to roll out two more bikes into the Indian market - the Zafferano 250 and the MotoBi-250 Patagonian Eagle. The Zafferano is a European-looking (although we suspect its origins are actually Oriental) maxi-scooter that the Italian two-wheeler brand sells in Indonesia. It is powered by a 249.7cc, single-cylinder short-stroke motor that makes 21hp of power and 20.83Nm of torque, which puts it almost at par with the Yamaha FZ25 while the Patagonian Eagle is powered by a carburetted 251.8cc, two-valve/cylinder, parallel-twin motor which seems to sport air-cooling fins along with a small radiator, and claims to be liquid-cooled. Power output is a measly 17.67hp with max torque rated at 16.5Nm, sent to the rear wheel through a five-speed transmission. To put those figures into perspective, the Hyosung Aquila 250’s similar capacity V-twin engine makes 26.57hp and 21.37Nm. That said, the showroom price for these Italian bikes are yet to be announced.

      16th August 2017

    • Bajaj launches the new Pulsar 220F

      The Bajaj Pulsar 220 is the largest selling 200 CC Bajaj motorcycle. The company has recently launched the new model of the Bajaj Pulsar 220 which is compliant with the Bharat Stage IV emission norms. The Bajaj Pulsar 220F was launched in July 2007, which was equipped with a fuel injection system. The new Bajaj Pulsar 220F has been priced at Rs.91,201 (ex-showroom Delhi) and is Rs.2,274 more than its sibling the Bajaj Pulsar 220. The engine in the Bajaj Pulsar 220F has been upgraded to the Bharat Stage IV norms, but most of the engine specifications remain the same. The motorcycle comes with a 220 CC, oil-cooled, single cylinder engine, which delivers the power through a five-speed gearbox to the rear wheel. The new motorcycle will feature a matte black finish on the exhaust canister, a cool-blue backlit instrument cluster, and a new seat for better riding comfort.

      5th January 2017

    • Yamaha and Honda may soon tie-up for Japanese Market

      In what may come as a historic event, Honda Motor Co and Yamaha motor Co may soon enter into a tie-up for small scooters to launch new lines for the Japanese markets. This is considered historic given their heated rivalry that stretches back a number of decades. For the first time ever, Honda, the world's largest manufacturer of two wheelers will begin work on Manufacturing Yamaha's 50cc scooters in its plant located in the south of Japan by the latter half of 2018. Reuters reports that the tie-up comes in face of shrinking two-wheeler market in Japan.

      10th October 2016

    Two Wheeler Loan by Other Banks
    Two Wheeler Loan

    Customer Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Bank Two Wheeler Loan
      "Better"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have closed the two wheeler loan with the HDFC bank and they have disbursed the loan amount on immediate basis. I would like to say that the response is good one for me with the HDFC bank.
      Was this review helpful? 0
      , kottayam
      Reviewed on Sep 22, 2017
    • review Two Wheeler Loan
      "Worst Experience"
      INDUSIND BANK LTD
      0.5 1.0/5 "Really Bad"
      I have taken a two wheeler loan from INDUSIND BANK. The approved loan amount was 43 thousand. I paid the whole amount.At that time the amount is paid through cheque but the last 3 payment some executive from the bank end came and collected by the time the cheque got bounced and no one informed me regarding that.
      Was this review helpful? 0
      , thrissur
      Reviewed on Sep 22, 2017
    • review Two Wheeler Loan
      "Its Better"
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      I had two wheeler with Indusind around Rs. 63,000 again I had one more two wheeler loan around Rs. 34,000 both was good. Indusind bank two wheeler interest was average, they are really doing good job. I am fine with their service and their offers.
      Was this review helpful? 0
      , khammam
      Reviewed on Sep 21, 2017
    • HDFC Bank Two Wheeler Loan
      "Good one"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      My feedback for HDFC two wheeler loan is very good. Late fee and interest charges levied was very high. It was once I missed to pay rs 2200 for which I am supposed to pay rs 800 which includes cheque bounce and other charges too it would be great if the bank waives it off.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 21, 2017
    • HDFC Bank Two Wheeler Loan
      "Approachable Two wheeler loan"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      As i hold my salary account with HDFC i have applied for a two wheeler loan and with in a day i got the loan amount disbursed from the bank end. The approved loan amount was 74 thousand with 8.5% rate of interest. The monthly EMI is 2700 for 3 years.
      Was this review helpful? 0
      , dharmapuri
      Reviewed on Sep 21, 2017
    • HDFC Bank Two Wheeler Loan
      "Good Experience"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I took the two wheeler loans from HDFC one is around 35,000 and another 38,000. For one loan I paid the EMI of Rs. 1450 for 36 months and for other Rs.2290 for 24 months. Finally I paid all the amount and closed my loan, I got NOC from their end.
      Was this review helpful? 0
      , kollam
      Reviewed on Sep 21, 2017
    • review Two Wheeler Loan
      "Excellent"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I have closed the two wheeler loan with the Bajaj Finserv and the interest rate is up to 11.2% and the loan amount got disbursed on immediate basis. Customer service is good one with them and the response is also a good one with the Bajaj Finserv.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 21, 2017
    • review Two Wheeler Loan
      "IT WAS OK ."
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      The overall experience i had with BAJAJ FINSERV was OK as i took a 2 wheeler loan from there . the BAJAJ FINSERV does have a good customer service provided to the customers . there are high deduction charges . they also charge real high penalty if the EMI is not paid on time . even if the amount is not deducted in the time still they charge the penalty that is really not good .
      Was this review helpful? 0
      , surat
      Reviewed on Sep 21, 2017
    • HDFC Bank Two Wheeler Loan
      "Awesome service "
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The HDFC bank has given me a 2 wheeler loan within day time. The customer service is good with HDFC bank. The rate of interest is nominal with HDFC bank. The HDFC bank has given me 95% of loan . I go the tenure of 2years. I am happy and satisfied with the loan amount.
      Was this review helpful? 0
      , hubli
      Reviewed on Sep 20, 2017
    • review Two Wheeler Loan
      "EXCELLENT"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I have taken the bike loan with the Bajaj Finserv. The biie amount was 38000 rupees and down payment was 14000 rupees ans emi was around 2779 roi was 12% The loan amount got disbursed to my account within time. Response is very good with the Bajaj Finserv and the customer service is really good with them
      Was this review helpful? 0
      , ranchi
      Reviewed on Sep 20, 2017
    • review Two Wheeler Loan
      "EXCELLENT"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I have taken the bike loan with the Bajaj Finserv. The loan amount got disbursed to my account within short time.Response is very good with the Bajaj Finserv and the customer service is really good with them the bike amount was 60000 rupees and down payment was 16000 rupees an the EMI is around 2498.
      Was this review helpful? 0
      , ranchi
      Reviewed on Sep 20, 2017
    • review Two Wheeler Loan
      "Good"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I have got the two wheeler loan with the Bajaj Finserv and the loan amount got disbursed on immediate basis. Customer service is good one with the Bajaj Finserv and their response is good one and there are worries on it.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2017
    • HDFC Bank Two Wheeler Loan
      "Approachable bank"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler loan from HDFC bank. The approved loan amount was 17000. i got the approval within a week. The rate of interest is 10% with a EMI of 3000. The tenure period for this loan amount is 1 year. Even the executive came to my place to collect the documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • HDFC Bank Two Wheeler Loan
      "Process is fantastic"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have earlier taken a two wheeler loan from HDFC Bank and the process to get my loan through was great. It was simple and very much on time. Like wise the bank has not charged me a high interest rate and they were minimal on their processing charges too.
      Was this review helpful? 0
      , pondicherry
      Reviewed on Sep 18, 2017
    • review Two Wheeler Loan
      "Better"
      KARNATAKA BANK
      0.5 4.0/5 "Great!"
      I have got the two wheeler loan with the Karnataka bank and they have provided around 50% of the cost of the vehicle as loan. Response was good one with the Karnataka bank , also they have taken so many months to sanction the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2017
    • review Two Wheeler Loan
      " Disappointed service"
      TVS FINANCE
      0.5 1.0/5 "Really Bad"
      I am very disappointed with the loan procedure of TVS finance, duration the demonetization I have missed a payment, but they didn't accept that they were very rude to me, I don't like that way they gave service on very next month I paid entire amount and closed my loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 16, 2017
    • HDFC Bank Two Wheeler Loan
      "Good if interest are reduced"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      HDFC banking services are good when compared to other banking services it maintains good rate of interest that would accelerate the market norms and .When i availed loan for the two wheeler the rate of interest is 18.5% which is very high but i liked the bike so had to bend for it with no better options .Not bad tenure period .Customer services are also good
      Was this review helpful? 0
      , kakinada
      Reviewed on Sep 16, 2017
    • review Two Wheeler Loan
      "Customer friendly"
      BAJAJ AUTO FINANCE
      0.5 5.0/5 "Blown Away!"
      Two years before I have purchased Pulsar 220 worth Rs. 1 lakh, I took the two wheeler loan from Bajaj Auto Finance around Rs. 60,000. My monthly EMI was around Rs.3500, later on I have foreclosure my two wheeler on march, Bajaj never charged any extra fee.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 16, 2017
    • review Two Wheeler Loan
      "They should be transparent in their process"
      BAJAJ AUTO FINANCE
      0.5 3.5/5 "Pretty good"
      I have purchased Bajaj two wheeler, hence I went for Bajaj Auto finance at that time I doesn't know about the interest rate. I purchased the bike in 2009, they have taken so many hidden charges on the loan process with high interest rate it should transparent.
      Was this review helpful? 0
      , gwalior
      Reviewed on Sep 12, 2017
    • HDFC Bank Two Wheeler Loan
      "GOOD SERVICE"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had taken a two wheeler loan from Axis bank and their interest of rate is minimal and their customer service is an excellent one, also the response was very nice. The loan amount got disbursed to my account within same day the loan amount was 54000 and the down payment i had made is 30000 rupees the two wheeler name is Honda activea.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 09, 2017
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